The case involves two Company Petitions, C.P. (IB) No. 264/MB/2020 and 1234/MB/2022, filed by Axis Bank Limited and State Bank of India, respectively, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Vidarbha Industries Private Limited (Corporate Debtor). The petitions were based on alleged defaults of Rs. 553,27,99,322/- and Rs. 2378.63 Crore, respectively. The Corporate Debtor (CD) challenged the maintainability of the Main C.P. before Bench-II (Special Bench) of this Tribunal. The CD prayed for stay of the Main C.P. until final hearing and disposal of the proceedings pending before various authorities. The matter had a complex history, including appeals to the Supreme Court
…Vidarbha Industries Private Limited (VIPL), a special purpose vehicle, was incorporated to set up a 600 MW coal-based thermal power plant. It availed a loan of Rs. 749 Crore from a consortium of lenders, including Axis Bank Limited and State Bank of India. Due to non-payment of debt, the CD's account was classified as a Non-Performing Asset on 28.06.2019. Axis Bank Limited and State Bank of India filed applications under Section 7 of the IBC. Later, both assigned their debts to CFM Asset Reconstruction Private Limited (CFM). The CD's plant at Nagpur has been out of operation since 2019. The CD acknowledged the debt due to the lenders. The CD informed the lenders about poor revenue generation and lack of funds. The CD contended that it was unable to pay dues due to the
…Sign in to view the parties.
Axis Bank Limited filed…
State Bank of India…
The case involves two Company Petitions, C.P. (IB) No. 264/MB/2020 and 1234/MB/2022, filed by Axis Bank Limited and State Bank of India, respectively, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Vidarbha Industries Private Limited (Corporate Debtor). The petitions were based on alleged defaults of Rs. 553,27,99,322/- and Rs. 2378.63 Crore, respectively. The Corporate Debtor (CD) challenged the maintainability of the Main C.P. before Bench-II (Special Bench) of this Tribunal. The CD prayed for stay of the Main C.P. until final hearing and disposal of the proceedings pending before various authorities. The matter had a complex history, including appeals to the Supreme Court
…Vidarbha Industries Private Limited (VIPL), a special purpose vehicle, was incorporated to set up a 600 MW coal-based thermal power plant. It availed a loan of Rs. 749 Crore from a consortium of lenders, including Axis Bank Limited and State Bank of India. Due to non-payment of debt, the CD's account was classified as a Non-Performing Asset on 28.06.2019. Axis Bank Limited and State Bank of India filed applications under Section 7 of the IBC. Later, both assigned their debts to CFM Asset Reconstruction Private Limited (CFM). The CD's plant at Nagpur has been out of operation since 2019. The CD acknowledged the debt due to the lenders. The CD informed the lenders about poor revenue generation and lack of funds. The CD contended that it was unable to pay dues due to the
…Axis Bank Limited filed…
State Bank of India…